Growing your own real estate franchise can be an incredibly rewarding experience and a great way to leave your mark, but there are also unique challenges. It is essential that as the leader of your brokerage, you develop a plan and strategy to help navigate the real estate market.
So before you invest in a real estate franchise, make sure you understand how to successfully grow one so you can be sure to start off on the right foot. You can plan to grow your brokerage by following these key steps.
Do your market research
Have you done thorough research to understand the current real estate trends in your area? You can find areas that are in high demand for certain types of property by doing some research online. Gaining a better understanding of the current market trends and demographics in your area is also essential. You can use this information to tailor your marketing and services to the needs of your clients.
Define your unique value proposition
What is it that will make your brokerage stand out from the rest? Your unique value proposition is the key to distinguishing yourself from the competition. Your unique value proposition can be anything from your office culture, to expertise with a certain type of property. Luxury homes, commercial space, retirement communities, exceptional customer service, innovative technologies, unique marketing, and unique branding are all unique value propositions.
For anyone who owns a 1 Percent Lists Franchise, this step is easy. Our unique value proposition is that we save sellers thousands of dollars when they list their homes for sale with us. Making sure that potential clients know your unique value proposition is essential if you want to grow your brokerage.
Build a great team
The backbone of any successful brokerage is its team of real estate professionals. Do your research to find motivated and experienced agents who share your vision and mission. You’ll want to continue to train and support them to help them achieve success.
The technology plays a crucial role in the success and growth of real estate brokerages and their REALTORS®. There are a few must-haves, such as a powerful customer relationship management system (CRM), a website that is fast and efficient, and tools for transaction management. It’s important to partner with or investigate a brand who has tested the various software tools available that can improve the client and agent experience, streamline operations and improve communication.
Develop a comprehensive marketing strategy
Create a multichannel marketing plan, which includes both online and traditional strategies. Social media, email campaigns and direct mail are all part of a multi-channel marketing plan. Your message should be consistent and targeted, as your audience today expects to have a personal relationship with your brand.
Build lasting relationships with clients
You’ll need to establish long-lasting relationships with your clients and the community in order to run a successful brokerage. It happens when you offer exceptional customer service and actively listen to your clients’ needs. You also go above and beyond to surpass their expectations. Today, word of mouth has become so important that satisfied customers are more likely than not to recommend others or return as customers.
Manage your financials and set clear goals
Keep track of the financial statements of your brokerage. Tracking revenue, expenses and profitability will give you a clear picture of what is happening and what lies ahead. Set SMART (specific, measurable, achievable, relevant, and time-bound) growth goals. Included in this should be targets for revenue, share of the market, or number transactions. If you are part of a global organization, they should provide you with ongoing guidance and consultation.
Adapt to changing market conditions
The real estate market fluctuates and is influenced by economic trends, interest rate changes, demographic shifts and other factors. It’s not necessary to be an industry expert, but it is important to keep up to date with changes in the market and to be ready to adjust your strategies.
Ask for feedback and improve
Ask for feedback from your clients, agents and experts in the field. This information can be used to improve your services and operations.
To build a successful brokerage, you need to plan carefully, think strategically, and adapt constantly to the market. You can help your brokerage achieve long-term success by conducting research, offering exceptional service, leveraging the technology and building a network of professionals. Growth is not an endpoint, but a journey. So, stay focused on your vision, and be prepared to adapt as you go.
These 9 steps can help you grow your real estate brokerage consistently over the long term. It won’t happen overnight, but the results are well worth it.